Pdvsa ready to borrow USD 6 billion
Del Pino hopes an agreement with CNPC and Chevron in the next few weeks
Eulogio del Pino, the Vice-President of Pdvsa Exploration and Production Division, said on Thursday that the loan agreement with Chevron would be signed "next week."
The agreement, announced in July 2012 and discussed since then, is expected to be signed next Monday, May 20. Chevron's funding comprises USD 2 billion for joint venture Petroboscán, located in western Zulia state.
The terms disclosed in 2012 by Pdvsa contained a long-term funding (the last repayment term has been set at 2025) at a Libor rate of +4.5% without additional costs. It will be used to enlarge the current oil output of 115,000 barrels per day of oil on average at Boscán field and fulfill the remediation plan ordered by the Ministry of Petroleum and Mining.
Hundreds of thousands of demonstrators took to the streets of Brazil on March 13 to demand the ouster of embattled President Dilma Rousseff, carrying banners expressing anger at bribery scandals and economic woes. A banner read "We don't want a new Venezuela in Brazil."